More banks allowed to open free trade accounts

More banks allowed to open free trade accounts

THE Shanghai branches of three more Chinese banks were allowed to launch free trade accounts, an instrument that pilots China’s capital account conversion at the free trade zone in Shanghai.

The Agricultural Bank of China, China CITIC Bank and China Mingsheng Banking Corp have passed regulatory scrutiny by the Shanghai headquarters of the People’s Bank of China to connect their free trade accounting system to the central bank’s system. The three lenders were the second batch of institutions that provide free trade account services. The first batch of lenders including the Shanghai branches of the Industrial and Commercial Bank of China, China Construction Bank, the Bank of China, the Bank of Communications, Shanghai Pudong Development Bank, the Bank of Shanghai and China Merchants Bank launched the service in June. The foreign banks in the FTZ have not yet been authorized to provide such services.

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